South Korea to Implement Several New Crypto Laws
According to reports, the nation’s elected legislature is set to announce a whole new set of laws and regulations regarding cryptocurrencies. Several members of the country’s elected legislators will propose several bills as a means of regulating digital assets, ICO’s and blockchain, present an entire set of rules as one of the latest efforts among global regulation events.
Park Yong-jin, Chung Tae-ok, and Choung Byoung-gug are party representatives expected to hand in their official proposals, representing three separate political parties within South Korea. Although many bill proposals are expected to be submitted to regulators, the exact scenario of the proposal frenzy is not certain.
Through recent reports, it has been said that ruling parties within the nation remain in a state of conflict on regulations and how cryptocurrencies should be governed, resulting in conflicting opinions and proposals. As South Korea is a base of operation for many cryptocurrency exchanges and a large crypto community, the event will no doubt shed a new light on political interest and cryptocurrencies stance within the country.
Initial coin offerings were banned last year in South Korea and no funding projects have been permitted since and has a special focus from political parties. A member of the National Assembly will be hosting a separate event later in July which could provide conclusions concerning the national trading environment.
Liberty Party Korea Representative Song Hee-kyung will discuss domestic security regarding national digital trading platforms with South Korea’s KISA, an internet and cybersecurity agency designed to tackle related issues within S.K.
The events held are partially a result of two attacks on crypto exchanges in South Korea this year which have accumulated to around $70 million in losses. Due to the double hack on these exchanges, widespread attention to cybersecurity and proper regulation has sparked throughout the country.